Ringgit’s rapid decline a test for BNM FMTNews FMTBusiness
The value of the ringgit against the US dollar has slid more than 5% in three months, leaving analysts to watch for signs of an intervention by Bank Negara.
Another drop of almost 2% will bring the currency to its 2022 low versus the dollar, which was the weakest level since 1998. Analysts say that may be the cue for BNM to make good on a pledge to prop up the ringgit — if it hasn’t already done so. Authorities may not welcome further weakness given that Malaysia was included in the US Treasury’s “monitoring list” for currency practices released in June.
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